Park Square Homes is prepping its fourth new subdivision in the Davenport/Four Corners area.
The Orlando-based homebuilder has filed a new residential site plan with Polk County's Development Review Committee for Madera Park, a 127-lot community on Florence Villa Grove Road at the Polk-Osceola county line.
Park Square gained title to the 40-acre parcel, originally planned as Phase 2 of Vista Park, in 2013 through a foreclosure sale.
"We are now finishing up the engineering," CEO Suresh Gupta told GrowthSpotter on Thursday. "We had to redesign it because of the terrain -- it was quite hilly. We had 140 lots, but we had to come down to 127 lots to accommodate all the retaining walls."
Dewberry is the civil engineer.
Gupta said the property is surrounded by both residential and resort communities, so the company is deliberating on which direction to take. That decision ultimately would determine the product offering and amenity package.
"We've done it in such a way that it could be a short-term community," he said. "We'll know in about two or three months. We want to look at what KB is doing next door, to see their pricing and absorption rate."
Park Square has largely exited its vacation home business in Kissimmee, repositioning two resort communities for other residential and commercial uses.
While Madera Park is ideally located for short-term rental, Gupta said it could be difficult for a community that size to compete with Pulte's Windsor at Westside and Mattamy's Solara at Westside, two sprawling vacation home resorts in the same neighborhood that have huge amenity centers.
Park Square has already launched a trio of residential subdivisions along the U.S. 27 corridor this year in Davenport and Haines City. All three are designed to appeal to first-time buyers, with pricing starting in the low $200,000s.
The homebuilder previously owned the 151 acres immediately south of Madera Park. That land is reportedly under contract to Pulte for a 550-home residential subdivision.